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September 08, 2004

Study: Regulatory Rules Stifle Business in Poor Countries

The Wall Street Journal reports, "the World Bank Group is expected to issue a report today that shows a widening gap between rich and poor nations on the quality of business regulation -- an important factor in economic growth."

"In its second annual business-regulation survey the global economic-development lender found that New Zealand made it the easiest to start and operate businesses, closely followed by the U.S. Among the 20 countries where excess regulation most stifles business development, 80% are in Sub-Saharan Africa."

"'The least reform is happening in countries where it is needed the most -- in Africa, Latin America and the Middle East,' said Caralee McLiesh, a co-author of the study."

When reforming their network utility industries, many developing countries give the newly-privatized incumbent exclusive rights to serve a particular market. These "exclusivity periods" are especially common in telecommunications. Research to date has explored the effects of privatization, competition, and to a lesser extent, regulation. We know very little, however, about the effects of the details of privatization transactions themselves and, in particular, how exclusivity periods matter. Scott Wallsten uses an original, new dataset to explore the costs and benefits of this approach to privatization in his paper: Privatizing Monopolies in Developing Countries: The Real Effects of Exclusivity Periods in Telecommunications. He finds that exclusivity periods are associated with significant increases in the firm’s sale price. The increased revenues to the government come with a cost, however. Exclusivity periods are correlated with a significant decrease in the incumbent’s investment in the telecommunications network, payphones, mobile telephone penetration, and international calling.

Also of interest from the Joint Center:

Domestic Regulatory Policies Exacerbate the Digital Divide Scott Wallsten

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